Deputy Seminar, Denver, CO

Fed: Securities Held Outright

4500000

4000000

3500000

3000000

2500000

2000000

1500000

1000000

500000

0

Jan-04

Jan-06

Jan-08

Jan-10

Jan-12

Jan-14

Jan-16

Jan-18

Sep-04

Sep-06

Sep-08

Sep-10

Sep-12

Sep-14

Sep-16

May-05

May-07

May-09

May-11

May-13

May-15

May-17

CSBS - 2018 DEPUTY SEMINAR Denver, CO– July 16, 2018

2-10 Treasury Spread (bps)

400

300

200

100

0

-100

-200

-300

Jun-76

Nov-77

Apr-79

Sep-80

Feb-82

Jul-83

Dec-84

May-86

Oct-87

Mar-89

Aug-90

Jan-92

Jun-93

Nov-94

Apr-96

Sep-97

Feb-99

Jul-00

Dec-01

May-03

Oct-04

Mar-06

Aug-07

Jan-09

Jun-10

Nov-11

Apr-13

Sep-14

Feb-16

Jul-17

CSBS - 2018 DEPUTY SEMINAR Denver, CO– July 16, 2018